New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-09-21
WILL STREET SOMEWHAT EXCITED.
STOCKS DECLINE AND THEN RECOVER.
FEARS OF MONETARY DIsTURBANCE-No CHANGE

FEARS OF MONETARY DIsTURBANCE-NO ChAN"E
IN THE TREAsURY's POLICY.
Wall Street was somewhat excited yesterday by an
early decline in prices at the Stock Exchange Tho
fear Of monetary disturbance appeared to be the con-
trolling influence, but to this was added the disap-
pointment that the Secretary Of the Treasury had not
announced moro liberal policy relative to the pur'
chase Of bonds for the sinking fund. Prices declined
easily from to per cent for the leading stocks,
while spcciaties suffered losses Of to per cent
There were frequent rallies although tho current of
speculation not fairly turned until afternoon,
but In the last hour the carly losses were virtually
recovered The closing was irregular, but the final
advances were about as numerous as the declines,
and perhaps they were moro significant.
Reading was the most active stock, but after
decline of per cent closed only shade lower than
It did on Monday Western Union, which was second,
fell nearly much, but closed 1s per cent higher,
allowing for the quarterly dividend More pronounced
variations were recorded by Northern Pacific pre-
ferred and Louisville and Nashville which closed over
1 per cent higher, while New-York Central Northwest
and Union Pacific gained large fractions. The con-
spicuous declines were In New-England, Lackawanna
and such stocks Manhattan, Oregon Navigation the
less active Vanderbilt shares and specialties which
have little real influence the course Of prices.
The morning decline due undoubtedly to the
alarm about rates for money, and presumably the
later buoyancy a natural revulsion when the
gloomy apprehensons were not realized There were
rumors of failures, OF course but they were vague
and evidently based the theory that the recent de-
preston In stocks must cripple somebody. Hints OF
trouble in mercantile circles circulated, but this
revival not effective. Secretary Farchild did not
visit the city, and important change In the Treasury
policy Ia expected this week but there was common
impression that II the offerings Of bonds to-day were
liberal the acceptance by the Treasury would be equal
ly free. Wall Street made up its mind, indeed, before
49, that polff m
financial disturbance. The demand for money was not
more urgent than 1t has been for some timc and al
though call loans ruled at per cent until the middle
OF the afternoon, the supply aferwan was ample at
from 4 to per cent. Loans on Government oohhs
made at 12 per cent even In the morning hours
The president of prominent bank said Of the pub
shed statement that savings banks were refusing 10
lend money Government bonds:
"The course Of the savings banks Is a natural one
but the inference is wrong. The rate for loans on
real property has advanced to per cent, and these
banks prefer permanent employment for their funds
They might get higher rates for temporary loans Just
now but they obliged to look beyond momentary
Talking about the cautious policy pursued at pres
ent by most of the banks, prominent commission
broker said The right people can get a,np,e ar ao
commodatons but the trouble is that 1t Is not aWays
these that want money in fact, a. rule, beneve
the brokers are well supplied with loans went to
our own bank within day or two and SAID ! wanied @
TO get some money. All right replied tho pres
Ident. Il want $4,000 for a friend said oh,
mo-. I can't do that the presidents response.
'Il lend you 1000 or all you want but won't ac
commodato the other fellow"
Tbis hank Is one of the institutions carrying
handsome excess over the legal limit OF 20 per cent
Other brokers testified to the fact that while the BANKS
we're loanlng money at @ per cent they were ohy
oblIgng their regular dealers. broker who mas ha9
long eYperiencain the money market SAID that ne nan
heard Of no time loans being made yesterday oy the
banks. - T., .ho wastorn
Referring 10 the absorption OF money In the western
real esi ate speculations Watson GIBSON quote i Wo
private letter OF Of their correspondents IN Nam
sas CITY follows:
The speculative feeling has been very general throuen
out Kansas and a this part OF the West ana ms su
lated railway aud the Issue or SUBSIDY ous
etc by counties and towns. that In many instances af
excessive and will prove grievous burdens lndeeu a
this par West IS having quite speculative oooi,
In localities the values have become
Inflated ana In high enough In this city me enei
fancy trading been In suburban property IN whch @
farms adjacent city for some miles from he business
centre have been additions offered and In many
Instances Eastern syndicates of INVESTORS VINO W
wait long for any general demand Tor actuai I'M I'M
movement In believe crops Will bc grown YEN
wears from the additions with ancy names
that being widely advertised
AT the Con- oil dated Stock and Petroleum Exchange
the depression at the Stock Exchange was fenecul III
tho DEALINGS in the railroad share department. Ir~-
Ing was active bu' the decline I'm values resed III no
failures The majority Ot the brokers have occn oper
ang on the bear side but even the late rally provoh
no trouble Crude oil sold down over cent W
sympathy with lower stock prices, but 1t made nearly
t.ll late